Most unexpected news on the block is that a majority of Paytm's high-profile senior executives have left the company ahead of its IPO. Most importantly, Amit Nayyar, the company's president, has resigned.

Nayyar, a former Goldman Sachs executive, joined the startup's financial services division in 2019 and has been important in expanding the company's insurance and lending sectors.

A person close to the situation stated about Nayyar's departure, “given that he joined Paytm as president, the timing of his departure (before to the IPO) is fascinating. In the corporation, only Madhur Deora presently has the title of president”.

Names like Rohit Thakur, Paytm's top human resource officer, Amit Veer, Paytm's chief business officer and senior vice president of user growth, and Jaskaran Singh Kapany, Paytm's head of marketing, have all left the company in the previous few months.

Thakur, who began working for the company in December 2019, completed his notice period and resigned in the first week of June.

While Thakur left a few weeks ago, Nayyar only left a few days ago.

One97 Communications, the parent company of Paytm, is expected to file its DRHP with market regulator Sebi soon after the company's EGM on July 12.

The funds will be obtained through the sale of new Paytm stock as well as a secondary offering of shares, with a valuation of $24 billion to $25 billion estimated, according to the sources, who declined to be identified because the subject is private.

After state-run miner Coal India in 2010 and Reliance Power in 2008, Paytm's anticipated $2.3 billion IPO will be India's third-largest public offering in dollar terms.

Paytm says that "we do not comment on employee changes as a company. We've put up a fantastic management team with some of the industry's most well-known individuals, all of whom are committed to propelling Paytm forward".

The fintech startup is presently valued at $16 billion and is backed by Alibaba of China and SoftBank of Japan.